Applying it to real markets.

12 min read

Amazon earns most of its revenue from retail but most of its profit from AWS, and its reported earnings have been lifted by tens of billions in paper gains on its Anthropic stake. With $220 billion of planned spending set to consume the cash its businesses generate, how much of the profit is real, and will the AI bet pay off?

11 min read

Lululemon has lost more than three quarters of its value since its 2023 peak, undone by a repeat quality scandal, a failed pivot into home fitness, and a consumer pulling back. At 8 times earnings with a debt free balance sheet, is the market pricing in permanent brand damage, or a loss of confidence a new CEO can still reverse?

12 min read

AppLovin's stock fell nearly half in three separate stages even as growth and margins stayed strong, while a separate, unresolved SEC investigation questions the very measurement transparency the business is built on. Is this a business the market mispriced, or one still finding its bottom?

8 min read

Palantir's price surged about 29% after a Q2 earnings report that came in much stronger than expected and raised full-year guidance. Yet the stock still trades at nearly 140 times earnings, a steep premium to the rest of its sector. What is that price paying for?

5 min read

You just read deep-dives on two very different companies. Here's the lesson underneath both: no story is ever certain, which is why new investors should start small.

8 min read

Micron's stock is up roughly 650% over the last year, driven by AI memory demand. Is this a structural shift or a bubble waiting to burst?

8 min read

Adobe's stock has fallen 70% from its 2021 high while revenue and margins stay strong. The market is betting AI will erode its moat. Is that bet right?

3 min read

Everybody buys the S&P 500 as a way to diversify across the US market. But a handful of companies now account for more of the index than most investors realize.